yep, it works a treat, well enough that I can, at a pinch, hand-hold it (as for the aircraft shots) but I prefer to use it off the monopod. So far I've only used it with the manual IS range set to 400mm with IS1, when I get time I plan to experiment dialling in longer FLs to see if it makes any improvement

The lens is so comparatively large that I basically hold the lens with the EM-5 suspended from it, not the other way around. With the long and mechanically very smooth focus ring its very easy to hand-hold / manual focus